Powered by momentummedia
nestegg logo
Powered by momentummedia
nestegg logo
nestegg logo

 

 

Save

What information to provide your accountant to do a tax return?

  • November 20 2019
  • Share

Save

What information to provide your accountant to do a tax return?

By Louise Chan
November 20 2019
what information to provide your accountant to do a tax return

What information to provide your accountant to do a tax return?

author image
  • November 20 2019
  • Share
what information to provide your accountant to do a tax return

Navigating tax laws can be confusing because of its complexities, but you may hire an accountant or tax agent to prepare your tax return on your behalf.

What information and documents should I provide?

Your accountant would need your personal details and tax file number to prepare your tax forms on your behalf.

Likewise, you need to provide the following:

Most recent tax return
Your most recent tax return may provide your accountant the basic information they need to prepare your new tax return. However, this will only give them an idea of what to look for or ask you with regard to your new return.

For instance, if you claimed tax deductions due to working from home in the previous financial year, they may ask you if your employment situation is still the same.

Advertisement
Advertisement

Likewise, they may identify and address any discrepancy that arises.

Income statements
This includes your super fund statements and payment summaries from the government if you receive allowances.

  • Foreign income statements
    You need to provide income statements from foreign income, such as pension or investments.

  • Fund statements
    Account statements from your fund managers and trusts should also be prepared.

    Include statements that provide information about investment assets that you bought or sold within the effective financial year.

  • Rental property records
    If you rent out a property or sold one, make sure to provide the information to your accountant so they can account for the rental income, capital gain or capital loss.

  • Bank statements
    This should reflect any income you receive from interest within the financial year.


Receipt for tax claimable expense

What receipts should I keep?

If you plan to claim tax deductions on eligible expenses, you will need to keep a record of all receipts that would support the claims.

What can I claim?
Some examples of claimable deductions are:

Work-related expenses
You may claim a deduction on vehicle and travel expenses for work-related duties, laundry and dry cleaning for specialised work-related clothing, overtime meals, tools and equipment for work use.


Likewise, work-related self-education expenses (i.e. seminar fees) that were not reimbursed by your employer may be deducted.

  • Donations
    Any monetary or property contributions or donations may be deducted as long as it was given to accredited deductible gift recipients and was given completely voluntarily.

  • Super contributions 
    Concessional and non-concessional superannuation contributions and spouse contributions are deductible as long as they fall within the contributions cap.

  • Private health insurance premium
    You may claim a tax offset on your premium payments if you took out a private health insurance to avoid Medicare levy.

  • Depreciating assets
    If you run a business, you may claim a tax deduction on depreciating assets over time.

Read “Legal ways to reduce tax payable” for more information on possible tax offsets and deductions.

How do I keep my receipts legible?

One way to keep your receipts readable is to keep a digital copy by scanning them.

You may keep a digital copy in your local drive, mobile device or a mobile application.

Alternatively, you may record photos and scans of documents and receipts in the ATO app’s myDeductions tool.

What information to provide your accountant to do a tax return?
nestegg logo

Forward this article to a friend. Follow us on Linkedin. Join us on Facebook. Find us on Twitter for the latest updates
Rate the article

About the author

author image

Louise is a content producer for Momentum Media’s nestegg who likes keeping up-to-date with all the ways people can work towards financial stability in 2019. She also enjoys turning complex information into easy-to-digest, practical tips to help those who want to achieve financial independence.

Join the nestegg community

We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians

Your email address will be shared with nestegg and subject to our Privacy Policy

About the author

Louise is a content producer for Momentum Media’s nestegg who likes keeping up-to-date with all the ways people can work towards financial stability in 2019. She also enjoys turning complex information into easy-to-digest, practical tips to help those who want to achieve financial independence.

Join The Nest Egg community

We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians

Your email address will be shared with nestegg and subject to our Privacy Policy

From the web

Recommended by Spike Native Network

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.